Advanced Flood Risk Management
Ping An Insurance (Group) Company of China has forged a strategic alliance with the UK-based specialist JBA Risk Management, known for their expertise in flood risk assessment, to bolster its underwriting and risk management capabilities. This collaboration underscores the escalating importance of addressing flood risks in China, where flood events are becoming more frequent and severe.
JBA’s high-resolution flood maps will be integrated into Ping An’s sophisticated Digital Risk System (Ping An DRS) within its Property & Casualty (P&C) division. This integration is poised to empower Ping An P&C with advanced tools for flood risk reduction, providing deeper insights into risk-based pricing and managing accumulation risks.
Innovation and Impact
This partnership marks JBA’s inaugural venture in China and follows their recent advancements in China Flood Maps, specifically targeting Hong Kong, the Pearl River Delta, and the National Capital Region. The updates incorporate the latest data on substantial infrastructure developments in Eastern China.
Ping An’s decision to collaborate with JBA came after a comprehensive review of JBA’s flood maps, which revealed a remarkable 60-70% correlation between the impact of previous flood events and the potential scenarios illustrated by JBA’s detailed flood maps.
Dr. Xiao Jing, Chief Scientist at Ping An Group, stated, “Innovation is the cornerstone of Ping An’s operations. JBA Risk Management’s precise flood maps set a new benchmark in flood risk analysis, enabling us to hone our underwriting and risk management strategies amidst a rapidly evolving climate. As the severity and frequency of floods increase in China, this partnership enhances our capacity for data-driven decision-making, ensuring robust risk-based pricing and effective accumulation risk management. We are eager to leverage this cutting-edge technology to better safeguard our customers and contribute to a more resilient future.”
Simon Waller, Executive Chair at JBA Risk Management, remarked, “We are thrilled that Ping An, a globally acknowledged, technology-driven financial institution, has selected our scientifically robust flood data to inform its risk-based pricing, accumulation, and reinsurance strategies. We look forward to the continued success of our collaboration.”
